NACCIMA’s reform blueprint: Repositioning Nigeria’s private sector for competitive future

The just concluded first ever conference and annual general meeting (AGM) of the Nigerian Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Port Harcourt, Rivers State, delivered a blueprint for the repositioning of the organized private sector for a more competitive future.

This is because Nigeria’s business environment has continued to face pressure from inflation, high operating costs, unstable exchange rates and rising competition across African markets, which has placed a premium on business organisations to move beyond advocacy and play more active roles to support economic growth.

This was one of the expectations that shaped discussions at the Second Quarter Council Meeting of NACCIMA, which held in Port Harcourt, Rivers State from Tuesday, June 23 to Thursday 25.

The event was part of activities that marked NACCIMA’s 66th annual general meeting that brought together policymakers, business leaders, committee chairmen and other stakeholders from the 115 chambers of commerce nationwide to review the progress so far made and set new directions for strengthening Nigeria’s organised private sector.

The AGM with the theme: The Gulf of Guinea and the Blue Economy: Pathways to Trade, Investment and Security Towards a $1 Trillion Economy, also highlighted ongoing efforts to harness the enormous resources that abound in Nigeria’s maritime domain.

In a communiqué issued at the end of the meeting, the council approved a wide range of reforms, covering leadership continuity, strengthening of governance, financial and administrative issues, digital transformation, MSME support, trade facilitation, export development, institutional capacity building and long-term strategic planning under the NACCIMA Vision 2040 Programme.

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Council renewed the Director General’s appointment for a second and final tenure beginning September 1, 2026. It described the decision as “to preserve institutional continuity, sustain ongoing reforms and consolidate strategic gains.”

The decision highlighted the importance of leadership stability in sustaining institutional progress, as frequent changes in leadership are capable of disrupting reforms, slowing down implementation and weakening organisational memory.

By retaining the current leadership, NACCIMA expressed confidence in its ongoing financial and administrative reforms including the continued transition to a digitised accounting system, and a preference for continuity over restarting existing systems.

It also introduced a new Finance and Accounts Director to strengthen transparency, accountability and financial management structures within the organisation.

Financial reports presented at the meeting covered account balances, donations, pledges and subscription performance, and showed improvement in revenue generation and stronger financial oversight, which the council described as commendable.

Another key decision was the approval of ISO 9001:2015 certification for the association, which is an international standard that is expected to improve quality management systems, efficiency and institutional credibility.

Council noted, in the communique, that the certification will strengthen internal systems, improve staff performance and align NACCIMA with global best practices in organisational management.

It therefore approved a legislative monitoring and advisory framework to track bills that may affect businesses at the National Assembly and explained that a legal expert will be engaged to provide early warnings on policy developments affecting the private sector.

According to council, the step is important because many policies that affect businesses are often developed without direct input from the business community, but the new system will allow NACCIMA to respond early and protect the interests of its members before laws are passed.

In defense of the ongoing reforms, it noted that strong institutional systems are essential for attracting development partners and ensuring that reforms deliver measurable results, and emphasised the need for continuous training and capacity building as key drivers of long-term institutional strength.

The meeting endorsed the NACCIMA Vision 2040 Programme, a long-term strategy aimed at developing globally competitive Nigerian enterprises, and called for wider stakeholder engagement and the development of a clear implementation roadmap across member chambers.

Vision 2040 is focused on long-term economic transformation through innovation, training and institutional development rather than short-term interventions, and council, therefore, placed strong emphasis on supporting Micro, Small and Medium Enterprises (MSMEs), which remain central to Nigeria’s economy.

A presentation that highlighted financing options available through institutions such as the Bank of Industry and Development Bank of Nigeria, explained that “structured finance, blended funding and institutional support” are key to improving enterprise growth, job creation and sustainability.

However, access to finance remains one of the biggest challenges facing small businesses in Nigeria, and to address it, the council encouraged awareness campaigns to help entrepreneurs better understand available funding opportunities.

Member chambers were directed to organise workshops, business clinics and sensitisation programmes for SMEs, as the initiatives are expected to improve financial literacy and increase access to institutional funding.

It encouraged the 115 chambers to develop mentorship frameworks that would connect experienced business leaders with young entrepreneurs, as the council also emphasised mentorship as a key tool for business sustainability, noting that funding alone is not enough for business success.

Digital transformation was another major focus of the meeting, as the council approved the continued transition to a digitised accounting system within NACCIMA while also stressing the need for compliance with emerging digital and regulatory frameworks governing switch-based platforms.

“Digital systems improve efficiency, reduce operational costs and enhance transparency in financial and administrative processes,” the communique said.

It reaffirmed “the strategic importance of trade fairs and exhibitions as key platforms for promoting commerce, investment and market access.”

Council encouraged better coordination among member chambers and the adoption of international best practices in exhibition management, as trade fairs are more than product displays, serving instead as meeting points for investors, manufacturers, exporters and policymakers.

On the African Continental Free Trade Area (AfCFTA) programmes, the council urged members to engage actively in regional trade platforms to take advantage of emerging continental opportunities, as a would expand market access for Nigerian businesses and strengthen intra-African trade.

Council also reviewed the proposed NACCIMA Economic Village initiative, describing the project as a strategic platform designed to deepen public-private collaboration and promote investment.

On the issue of export development, the council noted the importance of Certificates of Origin in supporting trade and generating revenue, and called for structured training programmes to strengthen export documentation capacity across member chambers.

It proposed a centralized database of export-oriented companies to improve visibility and access to trade opportunities, and endorsed partnerships with international organisations such as KVP and other development partners.

It supported the creation of a Chamber Academy to institutionalise training and improve professional standards while also acknowledging the international recognition received by NACCIMA in technical and vocational education and training.

NACCIMA was awarded for excellence in private-sector-led skills development initiatives and the council described it as evidence of NACCIMA’s growing role in workforce development.

The Women Chamber presented updates on export readiness programmes and international partnerships and member chambers were encouraged to support data collection on women entrepreneurs, as it will help to expand access to opportunities for women-led businesses.

Council approved staff recognition programmes, including long-service awards, saying it would improve morale and reward commitment within the organisation.

New membership applications were also approved to expand NACCIMA’s national reach just as the NACCIMA Foundation’s one-billion tree planting initiative received council endorsement.

It described the project as both an environmental and economic sustainability effort and commended the Government of Oyo State for providing land support for the initiative, while also urging other states to support similar sustainability programmes.

Council reviewed programmes targeting out-of-school children and called for increased member support, endorsed plans for the establishment of NACCIMA University, saying the proposed institution would focus on entrepreneurship, innovation and business education.

It also approved the appointment of special envoys to key international institutions including African Continental Free Trade Area (AfCFTA), African Development Bank (AfDB) and Economic Community of West African States (ECOWAS), explaining that the development will strengthen global partnerships and attract investment opportunities into Nigeria.

Council appreciated the Government and people of Rivers State for their hospitality and commended the Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) for successfully hosting the meeting.

Earlier, Siminalayi Fubara, Governor of Rivers State, who declared the conference open, described the theme: The Gulf of Guinea and the Blue Economy: Pathways to Trade, Investment and Security Towards a $1 Trillion Economy, as both timely and strategic, saying questions have been asked if a one trillion-dollar economy was possible.

Represented by Ngozi Odu, Deputy Governor of Rivers State, Fubara said a one trillion-dollar economy is possible, saying he was amazed when opportunities in the sector were analysed at a conference in Abuja earlier this year.

He said the theme will give policymakers food for thought and it is important to underscore the fact that the theme is a wakeup call and the nation should hit the ground running.

The governor cautioned that if Nigeria does not capitalize and utilize the opportunities in the blue economy, other nations will utilize them because nature does not leave a vacuum.

Fubara assured that they are awaiting the outcome of the conference so that the state will know what to do while stating the readiness of the state government to explore opportunities in the blue economy.

“Some people ask sometimes, is it possible to think of a one trillion-dollar economy? Of course, it is. You know, this issue came up at the NEC conference sometime earlier this year in Abuja.

“And when they analysed a few things, we were amazed that with the blue economy we’ll be raking in more money than oil and gas. So, it’s a wonderful theme that you have chosen and something that will give us food for thought.

“It highlights the enormous opportunities that exist within our maritime resources, trade corridors and investment ecosystem. While highlighting the importance of security and collaboration in achieving sustainable economic growth, it is important to underscore that we have woken up and we should hit the ground running.

“It is important to say that nature does not allow vacuum. If we do not capitalise and utilise our blue economy, other nations will utilise it for us.”

Jani Ibrahim, National President of NACCIMA, in his remarks, commended the administration of Siminalayi Fubara for its commitment to creating an enabling environment for business growth, investment attraction and economic development through investments in road infrastructure.

Ibrahim said those investments have strengthened Rivers State as a hub for the blue economy, which makes the theme of the conference very apt.

He said: “We are hopeful and we are convinced that Rivers State will provide the home for the blue economy for Nigerians.”

Ibrahim called for greater collaboration between the Rivers State Government and PHCCIMA, saying that such engagement will drive economic growth and development.

Earlier in her welcome address, Chinyere Nwoga, President, Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), described the Gulf of Guinea as one of the most important economic corridors for African nations.

Nwoga said harnessing the abundant resources will help Nigeria to diversify its economy, create jobs, sustain development increase global competitiveness.

She said: “The Gulf of Guinea remains one of Africa’s most strategic economic corridors, connecting nations, facilitating trade, supporting maritime commerce, and providing vast opportunities in shipping, fisheries, marine transportation, tourism, renewable energy, logistics and port development.

“Harnessing the immense potential of the blue economy offers Nigeria a viable pathway to economic diversification, job creation, sustainable development and increased global competitiveness.

“However, unlocking these opportunities requires deliberate investments, robust infrastructure, enhanced regional cooperation and, most importantly, a secure maritime environment. Trade and investment can only thrive where security, stability and confidence exist.

“Therefore, the conversations and recommendations emerging from this conference will undoubtedly contribute to shaping policies and strategies capable of transforming our maritime assets into engines of national prosperity.”

A total of 115 chambers of commerce nationwide converged on Port Harcourt, the Rivers State capital for the three-day AGM/conference as well as both local and foreign investors to drive the conversation around the blue economy.

Sylva Opuala-Charles, president, Garden City Premier Business School, Port Harcourt, delivered the keynote address on the theme of the conference and highlighted available opportunities in the nation’s blue economy.